Millennial travellers and the $183 million ATM bill
If you’re a millennial who headed overseas last year, do you know how much you spent on ATM fees while you were away?
According to the Westpac 2016 Travel Finance Report, when asked how much they thought they spent on ATM withdrawal fees per transaction, most millennials believed it was around $3. In reality though, it’s closer to $7 – or closer to $70 per trip. Collectively, that adds up to a whopping $183 million Aussie millennials are spending on ATM fees#.
So what can you do about it?
If you’re a Westpac customer, the good news is there is a way to cut these withdrawal fees right down, thanks to our Global ATM Alliance1. That means when you use one of the Global Alliance ATMs world-wide, you won’t be charged the withdrawal fee. Global ATM Alliance partners include well-known financial institutions such as Barclays, Bank of America and Deutsche Bank.
How easy is it to find a Global Alliance ATM?
Of course it’s all well and good having the option of ATMs where you won’t pay a withdrawal fee, but in practice it’s not much help if you can’t find a Global Alliance ATM.
Fortunately, there’s an easy way to track an alliance ATM down - you can even locate one in advance. The Westpac mobile banking app ATM locator works internationally as well as within Australia and can be used to pinpoint the exact location of Global ATM Alliance ATMs in the area you’re travelling to. By using the app to search ATM locations before you leave, you’ll know exactly where you need to head to when you arrive without needing to rely on a finding a wifi connection.
Is there a way around paying the 3% foreign transaction fee?
With our travel money card, the Worldwide Wallet, there are no foreign transaction fees. This means you’ll pay zero foreign transaction fees whenever you convert currencies or use your card to spend or withdraw cash.
With a Worldwide Wallet, you can load as many of the 11 available currencies on to the one card as you like. You can transfer money on to your card when it suits you, such as when the currency rate is in your favour and lock the rate in.
Things you should know
#About the Westpac Travel Finance Report
The Westpac research was commissioned by Westpac and powered by Lonergan Research. Lonergan Research surveyed 1,023 Australians aged 18+, including 744 millennials who have travelled internationally in the last 5 years or intend to travel internationally in the next 2 years. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted between 11 and 14 July 2016. Following the completion of interviewing, the data was weighted to the latest population estimates sourced from the Bureau of Statistics.
1Other fees and charges may be payable. A 3% Westpac Foreign Transaction Fee applies to overseas debit or credit card withdrawals. A 3% cash advance fee applies to credit card withdrawals where the “Credit” option is selected. Refer to Global Alliance for a list of members.
2Customers must be 14 or older and have an Australian residential address to be eligible for a Debit MasterCard®.